Windstream's (WIN) CS&L Stake Sale is Credit-Positive Move - Moody's
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Communications Sales & Leasing, Inc. Announces Disposition by Windstream of Half of Retained Stake
June 15, 2016 4:30 PM EDTLITTLE ROCK, Ark., June 15, 2016 (GLOBE NEWSWIRE) -- Communications Sales & Leasing, Inc. (CS&L or the Company) (Nasdaq: CSAL) announced today that Windstream Holdings, Inc. (Windstream) disposed of 14,703,993 shares of common stock, par value $0.0001, (the Shares) of the Company to certain creditors of Windstream in exchange for the satisfaction of certain Windstream debt. Citigroup Global Markets Inc. then acquired such Shares from the creditors and as selling shareholder, sold the Shares to institutional accredited investors, including funds managed by Searchlight Capital Partners, L.P. (Searchlight). The Company did not receive any proceeds from the disposition of... More
Windstream exchanges half of CS&L equity stake to reduce debt
June 15, 2016 4:15 PM EDTLITTLE ROCK, Ark., June 15, 2016 (GLOBE NEWSWIRE) -- Windstream (NASDAQ: WIN) today announced it has closed a transaction to transfer approximately 14.7 million shares of Communications Sales & Leasing (CS&L) common stock to its creditors in a debt-for-equity exchange.
The transferred CS&L shares, which represented approximately 50 percent of Windstreams total retained stake in CS&L, were used to retire approximately $309 million in Windstreams revolving credit facility debt and satisfy transaction expenses. Â
Additionally, the company has retired $126 million in face value of debt for $100 million in cash funded by its revolving credit facility... More
WiLAN Subsidiary Enters Into License Agreement With Winners Industry Co., Ltd.
June 15, 2016 11:16 AM EDTOTTAWA, CANADA -- (Marketwired) -- 06/15/16 -- WiLAN (TSX: WIN) (NASDAQ: WILN) today announced that the Company's subsidiary, Variable Lighting LLC, has entered into a patent license agreement with Winners Industry Co., Ltd.
The consideration to be paid to WiLAN and all other terms of the license agreement are confidential.
About WiLAN
WiLAN is one of the most successful patent licensing companies in the world and helps companies unlock the value of... More
